Cumberland Partners Ltd Has $262,000 Stake in Manulife Financial Co. (NYSE:MFC)

Cumberland Partners Ltd decreased its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 29.6% in the fourth quarter, Holdings Channel reports. The fund owned 12,835 shares of the financial services provider’s stock after selling 5,400 shares during the period. Cumberland Partners Ltd’s holdings in Manulife Financial were worth $262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Manulife Financial during the 3rd quarter worth about $27,000. Anchor Investment Management LLC bought a new position in shares of Manulife Financial during the 4th quarter worth about $27,000. Trust Co. of Vermont increased its holdings in shares of Manulife Financial by 478.5% during the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 1,268 shares during the period. Arlington Trust Co LLC bought a new position in shares of Manulife Financial during the 3rd quarter worth about $29,000. Finally, NBC Securities Inc. bought a new stake in Manulife Financial in the third quarter valued at about $32,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Manulife Financial in a research note on Thursday, February 22nd. They issued a “buy” rating on the stock. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and upped their target price for the company from $31.00 to $35.00 in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Manulife Financial Stock Performance

Manulife Financial stock traded down $0.12 during trading hours on Wednesday, hitting $23.47. 824,980 shares of the stock were exchanged, compared to its average volume of 3,223,231. The stock has a market capitalization of $42.27 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.87 and a beta of 1.08. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $25.14. The business’s 50-day moving average is $24.03 and its two-hundred day moving average is $21.55.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. On average, equities analysts predict that Manulife Financial Co. will post 2.71 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a yield of 5.08%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, February 27th. Manulife Financial’s dividend payout ratio is currently 61.66%.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.